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Analytics Analysis of metals

Gold and Silver Technical Outlook December 15, 2016

15 December 2016

GOLD (XAUUSD)

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Gold declined sharply after yesterday’s FOMC meeting as Fed decided to raise Interest Rates according to our expectations. However, we think that XAU/USD declined due to the forecasts of further three Interest Rates hikes in 2017. It is clear that Gold is going to have difficulties next year as USD is going to grow even faster. We think that 1100,00 is the next target for XAU/USD.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The price continues to push down and we think that there is a probability for gold to reach 1100,00 level this month.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to take no decisions today as the price is close to the lower side of the MA-channel and the situation is unclear.

SILVER (XAGUSD)

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Silver was trading within a triangle and even crossed its lower side yesterday. We adjusted this pattern but its lower side is weaker and we expect the price to decline in the nearest future.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. XAG/USD went upwards last week. However, we think that this growth is done and Silver is going to decline in the nearest future.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to take no decisions as the price is close to the lower side of the MA-channel and the situations is unclear.


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